학술논문
중국 교차상장 기업의 지분구조가 회계정보 품질에 미치는 영향 / Analyses of the Effects of Ownership Structures on the Qualities of Accounting Information for firms Cross-Listed on Shanghai and Hongkong Stock Markets
Document Type
Dissertation/ Thesis
Author
장진 / Zhang Chen
Source
Subject
Language
Korean
Abstract
투자분석과 의사결정의 중요한 도구인 회계정보 품질은 처음부터 끝까지 관심의 초점이며 그에 관련된 재무문제는 회사의 관리시스템 중 일부이기 때문에 필연적으로 내재적 연계가 존재한다. 지분구조가 회사 지배구조의 소유권 기반이기 때문에 회계정보 품질이 지분구조의 영향을 받을 수 있다. 따라서 본 논문은 지분구조가 회계정보 품질에 미치는 영향에 대해 연구한다. 본 논문이 이론적 연구에 따라 관련 개념 및 이론적 배경을 먼저 밝히고 다음으로 지분 구조의 지분집중도와 지분제약도, 국유주 지분, 경영진 지분의 네 가지 측면이 회계정보 품질에 미치는 영향을 분석하였다. 실증 연구에서는 2010년부터 2018년까지 A+H주로 교차상장 회사와 A주로 비교차상장 회사를 대상으로 ‘일일이 대응 원칙’(업종 일치, 샘플연도 일치, 자산규모 접근)에 따라 표본이 선정되었다. 최종은 56개 교차상장 회사 및 56개 비교차상장 회사 총112개 상장 회사를 선정하여 실증분석을 하였다. 연구결과에 따라 교차상장 회사에 대해 지분집중도와 회계정보 품질이 음(-)의 상관관계를 보이고 비교차상장 회사보다 이 상관관계를 약화시키는 것을 보여준다. 교차상장 회사의 지분제약도와 회계정보 품질이 양(+)의 상관관계를 보이고 비교차상장 회사보다 상관관계가 현저히 높아졌다. 그리고 경영진 지분비율과 회계정보 품질도 이런 상관관계를 보여준다. 비교차상장 회사의 국유주 지분비율과 회계정보 품질이 음(-)의 상관관계를 보였다. 교차상장 회사에 대해서는 양자가 양(+)의 상관관계를 보여 비교차상장과 일치하지 않다.
As an important tool for investment analysis and decision making, accounting information quality is the focus of attention from beginning to end. The financial issues which involved the accounting information quality are part of the corporate governance system. Therefore, there must be an intrinsic link between the two. The ownership structure is the property rights foundation of corporate governance structure, the accounting information quality will inevitably be affected by the ownership structure. Based on this, we selected the impact of ownership structure on the quality of accounting information for research. In theory research part, explains the related concepts and theoretical basis. Then theoretically analyzed the influence of the ownership concentration, ownership balancing degree, nature of equity characteristic three aspects for the quality of accounting information. In empirical research, from 2010 to 2018 this paper selects 56 "A+H" shares cross-listed companies' for nearly 8 years data as valid samples, also selects 56 pure A shares of fisting Corporation for matching study, and in accordance with the principle of one-for-one. The results of the research show that the equity intensity and the quality of accounting information for cross-listed companies show negative correlation and weakens this correlation over comparative listing companies. The equity constraint of cross-listed companies and the quality of accounting information showed a positive correlation and the correlation was significantly higher than that of comparable listed companies. In addition, the share ratio of management and the quality of accounting information also show this correlation. The share ratio of state-owned stocks in comparative listing companies and the quality of accounting information showed negative correlation. As for cross-listed companies, the two have shown a positive correlation, which is inconsistent with a comparative listing.
As an important tool for investment analysis and decision making, accounting information quality is the focus of attention from beginning to end. The financial issues which involved the accounting information quality are part of the corporate governance system. Therefore, there must be an intrinsic link between the two. The ownership structure is the property rights foundation of corporate governance structure, the accounting information quality will inevitably be affected by the ownership structure. Based on this, we selected the impact of ownership structure on the quality of accounting information for research. In theory research part, explains the related concepts and theoretical basis. Then theoretically analyzed the influence of the ownership concentration, ownership balancing degree, nature of equity characteristic three aspects for the quality of accounting information. In empirical research, from 2010 to 2018 this paper selects 56 "A+H" shares cross-listed companies' for nearly 8 years data as valid samples, also selects 56 pure A shares of fisting Corporation for matching study, and in accordance with the principle of one-for-one. The results of the research show that the equity intensity and the quality of accounting information for cross-listed companies show negative correlation and weakens this correlation over comparative listing companies. The equity constraint of cross-listed companies and the quality of accounting information showed a positive correlation and the correlation was significantly higher than that of comparable listed companies. In addition, the share ratio of management and the quality of accounting information also show this correlation. The share ratio of state-owned stocks in comparative listing companies and the quality of accounting information showed negative correlation. As for cross-listed companies, the two have shown a positive correlation, which is inconsistent with a comparative listing.